On August 1st, the Virtual Asset Crime Joint Investigation Team of the local prosecutor’s office in the southern part of Seoul announced that Mr. Park (Johnber Kim) was arrested and charged with fraud and violation of laws, and Mr. A (38 years old), a business partner who assisted Mr. Park in the crime, was also charged without detention. The prosecution stated that Mr. Park and others engaged in the issuance and listing of the fraudulent Token ‘Grape’ from February 2021 to April of the following year, artificially raising the Token price and then selling it all, suspected of embezzling 80.9 billion Korean won (approximately 58.6 million US dollars). Their estimated actual profit is 21.6 billion Korean won (approximately 15.81 million US dollars).
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Johnber Kim was detained and prosecuted for manipulating the Market Cap of the "scam coin" to reach 58.6 million US dollars.
On August 1st, the Virtual Asset Crime Joint Investigation Team of the local prosecutor’s office in the southern part of Seoul announced that Mr. Park (Johnber Kim) was arrested and charged with fraud and violation of laws, and Mr. A (38 years old), a business partner who assisted Mr. Park in the crime, was also charged without detention. The prosecution stated that Mr. Park and others engaged in the issuance and listing of the fraudulent Token ‘Grape’ from February 2021 to April of the following year, artificially raising the Token price and then selling it all, suspected of embezzling 80.9 billion Korean won (approximately 58.6 million US dollars). Their estimated actual profit is 21.6 billion Korean won (approximately 15.81 million US dollars).